Bitcoin price holds the USD 55,000 support zone against the US dollar. BTC needs to eliminate the USD 57,000 resistance and 100-hour SMA to enter a positive zone.
- Bitcoin somehow holds the $ 55,000 and $ 54,500 support levels.
- The price is now facing strong resistance near $ 57,500 and the 100-hour simple moving average.
- On the hourly chart of the BTC / USD pair (data feed from Kraken) there was a break above a heavily bearish channel with resistance near USD 55,250.
- The pair could see a sharp rise if there is a significant break above the USD 57,500 resistance zone.
Bitcoin price faces hurdles
Bitcoin stayed below the main resistance zone of $ 57,500. BTC fell below the $ 55,000 support but found support near the $ 53,400 zone. A low was formed near $ 53,338 before the price rose again.
It broke the $ 54,500 and $ 55,000 resistance levels. There was also a break above a strongly bearish channel with resistance near USD 55,250 on the hourly chart of the BTC / USD pair. The pair even climbed above $ 57,000 but failed to hit the 100-hour simple moving average.
A high is being formed near $ 57,150 and the price is now correcting lower. It traded near the 50% Fib retracement level of the uptrend from the $ 53,338 low to the $ 57,151 high.
Source: BTCUSD on TradingView.com
On the upside, the price faces strong resistance near the USD 57,100 and USD 57,500 levels. The 100 hour simple moving average is also close to the $ 57,500 level to act as a hurdle. A successful break above the USD 57,500 resistance is a must to see a sharp rise in the upcoming sessions.
Dips supported in BTC?
If Bitcoin fails to hit the $ 57,000 and $ 57,500 resistance levels, it may result in a lower correction. Immediate support on the downside is near the $ 55,200 level.
The first major support is near the $ 54,800 level. It is near the 61.8% fib retracement level of the move up from the low of $ 53,338 to the high of $ 57,151. Further losses may require a retest of the $ 53,350 zone in the short term.
Hourly MACD – The MACD is struggling to gain momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC / USD is now close to the 50 level.
Major support levels – $ 55,200 followed by $ 54,800.
Main Resistance Levels – $ 56,500, $ 57,100, and $ 57,500.